Extended model to explain customer attitude toward NFT and moderating effect of technology optimism

Won-jun Lee

China Finance Review International, 2023, vol. 14, issue 3, 615-629

Abstract: Purpose - This study empirically examined consumer adoption attitudes and behaviors toward nonfungible tokens (NFTs). Findings indicate that consumer attitudes toward NFTs are influenced by perceived usefulness, reliability and profit expectancy and that strong attitudes are associated with purchase intentions. Additionally, the relationship between attitudes and purchase intentions was moderated by technology optimism. Design/methodology/approach - The authors utilized a partial least squares (PLS) model to examine the hypotheses in this empirical analysis. Obtaining a sample of actual NFT holders or experienced users is challenging. A total of 105 individuals participated in the study as valid responders by answering the screening question in the questionnaire. The authors opted for the PLS model as a research approach due to the limited size of the consumer population in the NFT market. Findings - This study discovered that the adoption of NFTs was affected by technical aspects such as usefulness and reliability and the potential for future asset growth. Furthermore, the degree of attitude-to-intention conversion varied based on optimism, an inherent characteristic. Research limitations/implications - This study offers valuable insights for NFT owners, content providers and trading firms. For the NFT market to expand, it must meet consumers' expectations for the desired content features and asset investment attributes. Additionally, customer targeting strategies should attract and appeal to technology enthusiasts with an optimistic outlook on technology. Originality/value - The authors conducted an initial empirical analysis of actual NFT consumers, an area of research studied sparingly despite its significance.

Keywords: NFT; Optimism; Blockchain; Adoption; Profit expectancy; Nonfungible asset (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:cfripp:cfri-03-2023-0065

DOI: 10.1108/CFRI-03-2023-0065

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